Digital Asset Treasury Companies (DATCOs) have been on the rise lately. These firms hold over $100 billion in crypto assets as reported by Blockchain News in early August. Notably, firms like Strategy, BitMine, SharpLink Gaming and Japanese Metaplanet have been in the spotlight for their aggressive crypto accumulation strategies.
However, Nasdaq – a stock market index operating in the United States and Europe – has begun crackdown on listed firms raising funds to buy crypto assets in a bid to boost their stock prices. The crackdown follows a wave of Nasdaq-listed firms building digital asset treasuries.
Nasdaq Steps Up Scrutiny on Crypto Treasury Companies
The increase in scrutiny on firms loading up on crypto by Nasdaq was first reported by The Information. According to the report developed by Yueqi Yang, a crypto reporter at The Information, the stock exchange will require listed digital asset treasury firms to provide comprehensive disclosures of their involvement in crypto.
These rules will push firms to reveal the size of their holdings, the strategies they intend to follow, and the risks that could affect shareholders. Nasdaq views clear communication as the best way to prevent stock manipulation.
“The move comes as Nasdaq-listed companies are increasingly turning to exotic tokens and complex structures,” Yueqi Yang noted.
Scoop: Nasdaq is stepping up its scrutiny of crypto treasury stocks, according to sources and filings.
The move comes as Nasdaq-listed companies are increasingly turning to exotic tokens and complex structures.
Details in my story @theinformation: https://t.co/BwbW0q5YK8 pic.twitter.com/Tekg92EfyF
— Yueqi Yang (@Yueqi_Yang) September 4, 2025
Reports further indicate Nasdaq may also launch special reviews for companies that trade crypto frequently. This would help identify firms that appear to use digital assets as a way to create hype around their shares. Such reviews would test whether business models match the trading behavior they promote.
“Crypto treasury companies may soon need to disclose scale, strategy, and risks of their holdings, with frequent traders facing special reviews,” Evan, a stock market participant, wrote on X.
The exchange wants investors to understand the extent of exposure before making stock decisions. Concerns have grown after companies issued announcements about buying crypto, which sparked sudden spikes in stock prices. One such company is BNC, which recently bought BNB tokens for its BNB Treasury Strategy.
Crypto Treasury Stocks Plunge
While Nasdaq has not confirmed the move to tighten scrutiny on listed digital asset treasury companies, the reports have had a significant impact on the stock market. As per reports several crypto treasury stocks are under pressure.
The Strategy’s MSTR stock is down by 3.22%. However, other stocks including BitMine’s BMNR and ETHZilla’s ETHZ have dipped more sharply, recording 7.49% and 7.98% respectively. On the other hand, SharpLink Gaming’s SBET is down by 6.99% while MARA Holding’s MARA is down by 2.91%.
Through early intervention, Nasdaq is keen on avoiding cases where speculation attracts investors to the market instead of actual company performance. Though Nasdaq has not declared any official sanctions against companies that already invest in crypto, the exchange has indicated what is expected. Companies that fail to give correct disclosures or overly depend on market hype could find it difficult to retain their position on the stock exchange.
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Interesting article—Nasdaq tightening oversight really seems like a necessary move given how some digital-asset treasury companies have used crypto in ways that impact stock prices. Clearer rules and stronger transparency could help protect investors and restore trust. I’d love to see more about how enforcement will work in practice and what happens if companies don’t comply. For those interested in improving visuals, check out Photo Quality Enahcer Pro APP.
[…] The ruling could also affect Ethereum and Solana treasury companies. Analysts argue that these firms may have a stronger case for remaining classified as businesses because they stake assets, run validators, and participate in DeFi to earn yield. The MSCI will make its final decision by January 15. Until then, uncertainty is likely to weigh on companies that use crypto as a core treasury asset. […]